Warning that the "world face significant and urgent challenges that weigh heavily on prospects for future growth and on the cohesion of societies", the WEF's global issues group calls on world leaders to deliver "concrete actions".

Leaders should build on the "solid foundation" of the action plan for growth agreed at last November's G20 and develop a more comprehensive plan that could be agreed and implemented at June's G20 summit in Mexico.

Key to restoring confidence, say the WEF, will be the implementation of reforms, particularly in the financial sector, and renewed global co-operation.

Further out, addressing youth and long-term unemployment is also key to stabilising the world economy.

"The governments of individual countries have their own distinctive roles and responsibilities, but working in partnership, we can together achieve more than the sum of our parts," the WEF concluded.